We test the relation between ambiguity aversion and five household portfolio choice puzzles: non-participation in … representative U.S. household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As … theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial …

We test the relation between ambiguity aversion and five household portfolio choice puzzles: non-participation in … representative U.S. household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As … theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial …

Online Appendix for “Ambiguity Aversion and Household Portfolio Choice Puzzles: Empirical Evidence” …

We develop a tractable method to estimate multiple prior models of decision-making under ambiguity. In a representative … sample of the U.S. population, we measure ambiguity attitudes in the gain and loss domains. We find that ambiguity aversion … is common for uncertain events of moderate to high likelihood involving gains, but ambiguity seeking prevails for low …

://ssrn.com/abstract=3332255. Using an incentivized survey and a representative sample of investors, we elicit ambiguity attitudes toward a … familiar company stock, a local stock index, a foreign stock index, and a crypto currency. We separately estimate ambiguity … aversion (ambiguity preferences) and perceived ambiguity levels (perceptions about ambiguity), while controlling for unknown …